Terravita Market Updates 8/08-5/08

October 4th, 2008 Terravita Market Update  

Month       Average Price per foot                  

January	$263
February	$274
March	$264
April	$234
May	$240
June	$249
July	$251
August	$271
September	$237

Happy Friday and Happy New Year to all of our Jewish friends!

With all the swirl going on in the national scene it’s hard to care too much about our little corner of Scottsdale, but some of you must be curious about the Terravita Real Estate Market. Terravita had a predictably quiet month in September, and the average price per foot dropped but nowhere near as far is it could have.

I wrote to you last month about a couple of Terravita foreclosures that sold at auction for some astonishingly low prices and that they were scheduled to close escrow in the next 45 days. The lenders who owned the homes decided the prices were too low and cancelled the sales! They are back on the market and may sell higher than their auction prices this time.

In preparation for writing this blurb I went back and read my update from September 2007. Besides the fact that we were almost exactly the same price per foot that month, there wasn’t much insight there. But I did discover a video that I had included that month that was refreshing to re-watch. If you could use a little inspiration amid all that is going on I’d suggest you re-watch it too. Click here for inspiration >>  Dont judge a book by its cover.

 

Here are the August 2008 Terravita Real Estate Market’s statistics:     

2	Closings for an Average of $237  per foot
247	Average days on the market
1	Homes under contract *
15	Price Reductions
50	Active Listings

 

Septemeber 4rth, 2008 Terravita Market Update   

 

 Month       Average Price per foot                  

January	$263
February	$274
March	$264
April	$234
May	$240
June	$249
July	$251
August	$271

 

Here are the August 2008 Terravita Real Estate Market’s statistics:     

4	Closings for an Average of $271  per foot
133	Average days on the market
3	Homes under contract *
3	Price Reductions
44	Active Listings

Click here to see the raw data provided by the Arizona Regional MLS  

While we all should rejoice in seeing that the Terravita Real Estate market’s average price per foot increased by $20 since the July results, we can’t get too cocky. A week ago last Sunday I attended a foreclosure auction where two of Terravita’s foreclosed homes were sold to the highest bidder. (One of them was the home I sent you the investor alert on last month.) The high bid on 6911 E. Bramble Berry was $165 per foot, and 7151 E. Aloe Vera yielded just $155 per foot.  These homes should close escrow within 45 days. Yikes! We haven’t seen numbers that low for a long, long time.

Moving on to a more pleasant subject . . .

Our fall season is about to begin and quite a number of you have mentioned that you would like to move to another Terravita home that fits your needs better. Some folks are looking to move up, some are moving down, some just want better views, and others just want something different.

TERRAVITA HOME TRADE PROGRAM

 

If you or someone you know are looking to swap homes let me know. We have a great Terravita Trade Program for folks selling and buying within the community that will save you thousands.  Be sure and watch for our October mailer with lots of new listings in it!

Finally . . . a penny for your thoughts?

As many of you know, I am committed to staying on the cutting edge in marketing ideas to sell my listings. I have used video before, but I just hired a new company to video one of my listings to try and highlight both the Terravita life and the amazing location of this home on the golf course. I would LOVE any feedback you all might have about the effectiveness of this video.

Click here to watch the video: 6433 E. Amber Sun Drive Video

For those of you who are interested, here is a link to the listing in the MLS which of course has the video and much more info: 6433 E. Amber Sun Drive

August 4rth, 2008 Terravita Market Update  

 

 Month       Average Price per foot                  

January	$263
February	$274
March	$264
April	$234
May	$240
June	$249
July	$251

Here are the June 2008 Terravita Real Estate Market’s statistics:     

8	Closings for an Average of $249 per foot
130	Average days on the market
2	Homes under contract *
3	Price Reductions
44	Active Listings

We are having some website issues so here is the raw data provided by the ARMLS: 

Model	$ per Sq Ft	DOM	List Price	Sale price	Lot #
Flora	$261.00	98	$439,000	$420,000	T-80
Stella	$199.00	153	$499,000	$470,000	I-17
Aurora	$259.00	49	$735,000	$715,000	S1-51
Stella	$288.00	100	$799,000	$738,000	C-23
Average	$251.75	100	$618,000	$585,750

SEA CHANGE IN REAL ESTATE

As if we needed any more evidence that print medium for real estate is dead, this week the Los Angeles Times told us that they have printed their last real estate section.  They will still have their online, but the print section is done.  While this may be a bit upsetting for the older of us, I suspect this is a trend – and a good one. The internet has superseded the need for killing more trees, and provides a richer, more immediate experience with more information than the news papers could ever dream of.

Along with that bellwether announcement comes a huge advancement in our local real estate information experience. The Arizona Regional Multiple Listing Service has just moved us light years ahead of where we have been, by giving agents a new software system that is truly amazing. It’s a bit of a hassle right now as we agents go through the pain of learning to use it, and ARMLS works out all the bugs, but it will improve the way we do business.  And more importantly, it will (eventually) provide you the consumer with a lot more information in a better format.

 Below this paragraph is a link to an example of a customized report I send folks who like to watch the market. It take a bit to get used but the list view has the model name price per foot, and the mapping program lets you drill to the actual lot.

 

July 2nd, 2008 Terravita Market Update  

 

 

 

Month       Average Price per foot                 

 

January	$263
February	$274
March	$264
April	$234
May	$240
June	$249

                                                                                               

June in the Terravita Real Estate market was exceptionally hot in terms of temperature and closings - but unfortunately not sales.  While our traffic numbers seemed decent, in the end we only had two Terravita homes go under contract.  The good news is the average price moved higher by nine dollars per foot on a good size sample of 8 closings. 

 

Here are the June 2008 Terravita Real Estate Market’s statistics:   

 

8	Closings for an Average of $249 per foot
130	Average days on the market
2	Homes under contract *
3	Price Reductions
44	Active Listings

June 27, 2008 Terravita Market Update